Remittance Global Market Report 2025

Description

Remittance refers to the transfer of money or funds from one person or entity to another, usually across national or international borders. This financial activity is often associated with migrant workers sending money back to their home countries to support their families or fulfill various financial obligations.

The two main types of remittance are inward remittance and outward remittance. Inward remittance involves the receipt of money in a bank account from a foreign bank account. It plays a vital role in contributing to the receiving country's economy by enhancing personal incomes, supporting families, and facilitating international trade and business transactions. Remittance services are offered through various channels, including banks, money transfer operators, and online platforms (wallets). End users, including businesses and individuals, utilize these services for purposes such as consumption, savings, and investments.

The remittance research report is one of a series of new reports from The Business Research Company that provides remittance market statistics, including the remittance industry's global market size, regional shares, competitors with a remittance market share, detailed remittance market segments, market trends and opportunities, and any further data you may need to thrive in the remittance industry. This remittance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The remittance market size has grown strongly in recent years. It will grow from $782.54 billion in 2024 to $832.57 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to global migration trends, labor mobility and diaspora communities, economic disparities, remittance corridor developments, and financial inclusion initiatives

The remittance market size is expected to see strong growth in the next few years. It will grow to $1067.54 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to technology-enabled remittance services, economic and social factors, government policies and regulatory changes, access to banking services. Major trends in the forecast period include digital transformation, blockchain and cryptocurrency, regulatory changes, fintech disruption, mobile wallets and payments.

The growth of the remittance market is being significantly propelled by the increase in overseas migration. Overseas migration involves individuals crossing borders to reside and work in another country, leading to remittance transactions as migrant workers send money back home to support their families or make payments. Notably, data from the Australian Bureau of Statistics in December 2022 revealed a substantial 170% increase in migrant arrivals in Australia, rising from 146,000 in 2021 to 395,000 in 2022. This surge in overseas migration is a key driver for the remittance market.

The rising number of international students is another significant contributor to the growth of the remittance market. International students, who choose to pursue education in countries other than their own, often receive financial support from family members back home, leading to increased demand for remittance services. For instance, data from the U.S. Immigration and Customs Enforcement in April 2023 indicated a 10% increase in the number of active F-1 and M-1 students in the U.S., reaching 1,362,157 in 2022 compared to the previous year. The growing number of international students is expected to drive the remittance market further.

A notable trend in the remittance market is product innovation, with major companies focusing on integrating new technologies such as digital wallets. This approach aims to support the growing demand for remittances and maintain a competitive position in the market. For example, WiPay, a payment facilitation company based in the Caribbean, launched WiPay Remittance in May 2023. This service allows individuals in Grenada to make fast fund transfers directly to their WiPay wallet, eliminating the reliance on physical cash handling and reducing waiting times. The introduction of such innovative and seamless solutions is reshaping traditional remittance methods.

Major companies in the remittance market are concentrating on advanced service offerings, such as remittance software solutions, to gain a competitive edge. A remittance software solution simplifies the process of sending and receiving money internationally, improving efficiency and accuracy while equipping users with tools to track transactions and manage currency exchange. For instance, in December 2023, BASIC Bank, a Small Industries and Commerce Bank based in Bangladesh, launched REMIT365, a comprehensive remittance software solution designed to facilitate cross-border money transfers for financial institutions and remittance service providers. This solution offers a wide array of features, including real-time transaction tracking, compliance management, and integration with various payment channels and networks. The software aims to enhance user experience and streamline operations by automating processes related to money transfers, customer verification, and reporting. With its cloud-based architecture, REMIT365 allows users to access services from anywhere, ensuring flexibility and scalability in managing remittance operations.

In January 2023, Remitly Global Inc., a digital financial services provider for immigrants, acquired Rewire, an Israel-based remittance platform and financial services provider, for an undisclosed amount. This strategic acquisition expanded Remitly's presence in the Middle East remittance market and enhanced its portfolio with the inclusion of a remittance platform.

Major companies operating in the remittance market include Ria Financial Services Ltd., The Kroger Co., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corporation, Wells Fargo & Company, Banco Bradesco S.A., PayPal Inc., U.S. Bancorp, Absa Group Limited, UAE Exchange, Western Union Holdings Inc., Instarem, XE Money Transfer, MoneyGram International Inc., Remitly Inc., Wise Ltd., Payoneer Inc, ZEPZ, WorldRemit Ltd, ZelleAirWallex, Skrill, OFX, CurrencyFair Limited, Azimo Limited, Popmoney, TransferGo, Bithumb

North America was the largest region in the remittance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remittance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the remittance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The remittance market consists of revenues earned by entities by providing remittance services such as remittance compliance services and remittance tracking services. The market value includes the value of related goods sold by the service provider or included within the service offering. The remittance market also includes sales instruments for mail transfer (MT), telegraphic transfer (TT), and draft transfer, which are used in providing remittance services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Remittance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on remittance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for remittance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The remittance market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Inward Remittance; Outward Remittance
2) By Channel: Banks; Money Transfer Operators; Online Platforms (Wallets)
3) By Application: Consumption; Savings; Investment
4) By End User: Business; Personal
Subsegments:
1) By Inward Remittance: Personal Transfers; Business Payments; Government Transfers
2) By Outward Remittance: Personal Transfers; Business Payments; Investment Payments
Companies Mentioned: Ria Financial Services Ltd.; The Kroger Co.; JPMorgan Chase & Co.; Citigroup Inc.; Bank of America Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r25261

1. Executive Summary

2. Remittance Market Characteristics

3. Remittance Market Trends And Strategies

4. Remittance Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid And Recovery on the Market

5. Global Remittance Growth Analysis And Strategic Analysis Framework

5.1. Global Remittance PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Remittance Market Growth Rate Analysis
5.4. Global Remittance Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Remittance Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Remittance Total Addressable Market (TAM)

6. Remittance Market Segmentation

6.1. Global Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Inward Remittance
Outward Remittance
6.2. Global Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Banks
Money Transfer Operators
Online Platforms (Wallets)
6.3. Global Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Consumption
Savings
Investment
6.4. Global Remittance Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Business
Personal
6.5. Global Remittance Market, Sub-Segmentation Of Inward Remittance, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Personal Transfers
Business Payments
Government Transfers
6.6. Global Remittance Market, Sub-Segmentation Of Outward Remittance, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Personal Transfers
Business Payments
Investment Payments

7. Remittance Market Regional And Country Analysis

7.1. Global Remittance Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Remittance Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8. Asia-Pacific Remittance Market

8.1. Asia-Pacific Remittance Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

9. China Remittance Market

9.1. China Remittance Market Overview
9.2. China Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

10. India Remittance Market

10.1. India Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11. Japan Remittance Market

11.1. Japan Remittance Market Overview
11.2. Japan Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12. Australia Remittance Market

12.1. Australia Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13. Indonesia Remittance Market

13.1. Indonesia Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14. South Korea Remittance Market

14.1. South Korea Remittance Market Overview
14.2. South Korea Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.3. South Korea Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.4. South Korea Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15. Western Europe Remittance Market

15.1. Western Europe Remittance Market Overview
15.2. Western Europe Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.3. Western Europe Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.4. Western Europe Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16. UK Remittance Market

16.1. UK Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17. Germany Remittance Market

17.1. Germany Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18. France Remittance Market

18.1. France Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19. Italy Remittance Market

19.1. Italy Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20. Spain Remittance Market

20.1. Spain Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21. Eastern Europe Remittance Market

21.1. Eastern Europe Remittance Market Overview
21.2. Eastern Europe Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.3. Eastern Europe Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.4. Eastern Europe Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22. Russia Remittance Market

22.1. Russia Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23. North America Remittance Market

23.1. North America Remittance Market Overview
23.2. North America Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.3. North America Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.4. North America Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24. USA Remittance Market

24.1. USA Remittance Market Overview
24.2. USA Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25. Canada Remittance Market

25.1. Canada Remittance Market Overview
25.2. Canada Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26. South America Remittance Market

26.1. South America Remittance Market Overview
26.2. South America Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.3. South America Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.4. South America Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27. Brazil Remittance Market

27.1. Brazil Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28. Middle East Remittance Market

28.1. Middle East Remittance Market Overview
28.2. Middle East Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.3. Middle East Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.4. Middle East Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29. Africa Remittance Market

29.1. Africa Remittance Market Overview
29.2. Africa Remittance Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Remittance Market, Segmentation By Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Remittance Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

30. Remittance Market Competitive Landscape And Company Profiles

30.1. Remittance Market Competitive Landscape
30.2. Remittance Market Company Profiles
- 30.2.1. Ria Financial Services Ltd. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.2. The Kroger Co. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.3. JPMorgan Chase & Co. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.4. Citigroup Inc. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.5. Bank of America Corporation Overview, Products and Services, Strategy and Financial Analysis

31. Remittance Market Other Major And Innovative Companies

31.1. Wells Fargo & Company
31.2. Banco Bradesco S.A.
31.3. PayPal Inc.
31.4. U.S. Bancorp
31.5. Absa Group Limited
31.6. UAE Exchange
31.7. Western Union Holdings Inc.
31.8. Instarem
31.9. XE Money Transfer
31.10. MoneyGram International Inc.
31.11. Remitly Inc.
31.12. Wise Ltd.
31.13. Payoneer Inc
31.14. ZEPZ
31.15. WorldRemit Ltd

32. Global Remittance Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Remittance Market

34. Recent Developments In The Remittance Market

35. Remittance Market High Potential Countries, Segments and Strategies

35.1 Remittance Market In 2029 - Countries Offering Most New Opportunities
35.2 Remittance Market In 2029 - Segments Offering Most New Opportunities
35.3 Remittance Market In 2029 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer